Business
Arcadia Biosciences Enters Global Collaboration with Arista Cereal Technologies and Bay State Milling Company for Commercialization of High Fiber Wheat
DAVIS, Calif., Aug. 26, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"DAVIS, Calif., Aug. 26, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced a binding term sheet agreement with Arista Cereal Technologies and Bay State Milling Company for commercialization of its high fiber resistant starch wheat in key wheat markets, including North America, Europe and parts of Asia.\n\n \nUnder the terms of the binding agreement, Bay State Milling will become the exclusive commercial partner for Arcadia's high fiber wheat in North America under Bay State Milling's HealthSense™ brand portfolio, while Arista receives exclusive rights under Arcadia's intellectual property in Australia, New Zealand, Europe, Japan and South Korea. Arcadia will continue to market its high fiber wheat under its GoodWheat™ portfolio of specialty wheat ingredients in other international markets. The agreement resolves an intellectual property dispute between the three companies over Arcadia's high fiber wheat. The agreement earns Arcadia royalties for sales of its wheat varieties in North America by Bay State Milling, plus additional considerations. \n\"We are pleased to have entered into an agreement with Arista and Bay State Milling that will accelerate commercialization of our high fiber wheat in key wheat markets – and capture revenue in 2019 and beyond,\" said Raj Ketkar, president and CEO of Arcadia Biosciences. \"Bay State Milling is an excellent partner for North America, bringing its strengths in milling, identity preserved supply chains and technical support of customer food companies.\"\n\"We continue to see tremendous opportunity for high fiber wheat flour – particularly in the United States, where consumers are increasingly mindful about the nutrition their food delivers,\" said Peter Levangie, president and CEO of Bay State Milling. \"As a result, our customers – food manufacturers – also are looking for ingredients with added nutritional value from natural sources. We are excited to add Arcadia's high fiber wheat to the HealthSense brand and bring it to customers to help close the fiber gap and improve consumer health in North America.\"\nEric Vaschalde, CEO of Arista Cereal Technologies, added, \"We are pleased to have reached an agreement that resolves our ongoing patent disput...